My First Property in PR

[Jan Morales]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Caguas.

Purchase price: $56,500
Cash invested: $20,000

Duplex consisting of 2BR/1BTH each. House appraised for almost double the purchase price. I may look to refinance next year but I’ve heard refinancing can be difficult in PR.

What made you interested in investing in this type of deal?

Long term growth and cash flow.

How did you find this deal and how did you negotiate it?

HUD

How did you finance this deal?

Conventional mortgage with 30% down

How did you add value to the deal?

Very minor cosmetic repairs (less than $1000)

What was the outcome?

House appraised for almost double the purchase price.

Lessons learned? Challenges?

Need to be ready for financing. A lot of documents and follow up required even with excellent credit, debt to income ratio, and substantial downpayment.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. Let me know if you’re interested. I found the hardest working, best connected agent in PR!